Winning Forex Trading/Technique for Newbies and Pros (Part 2)

elkapons By elkapons, 12th Oct 2015 | Follow this author | RSS Feed
Posted in Wikinut>Money>Forex Trading

Winning Forex Tradings for newbies and pros, learn the basics and step by step strategies from zero to hero

Fail to Plan, Plan to Fail

Everything MUST be planned. Good plan bring to success and bad plan bring you to failure. The point is very simple but how to provide a very good plan that bring to success? Yes. A very good plan MUST be achievable in reality. If it is not achievable then it is only a dream. Then how to provide achievable plan? An achievable plan MUST have a target. There MUST be 3 target have to achieve:-

1. Short Term Target
2. Mid Term Target
3. Long Term Target

Long term and mid term target only can be achieve if short term target reached. Short term target is a decision maker either you will be success in longer terms.

Aim The Target

To provide longer terms target, define first short term target in your trading plan. Example:-

1. Capital $1000
2. Risk 1%
3. Target 1%

Short term target is to raise capital at least 1% per day or maybe per trade. If you choose 1% per day then for mid term target you already knew for a week or 5 trading days (Mid term target) you will get at least 4.06% ROI from your early capital. Estimated $1040.60 using compounding calculation. Since you already have short term and mid term target then for longer term target you will raise your capital by $1208.11 or 20.81% ROI for a month or 20 trading days. Therefore, in your trading plan you can write "My long term target or (1 month or 20 trading days) is at least 20% from my capital". In which this is called achievable target because you provide facts and figure of your aiming targets.

Follow me closely for next articles. There will be more EXCITING in which even a NEWBIES that starts from ZERO can be a HERO.

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